Selling your house? Not if you’re in Darien

“There were no accepted offers in Darien last week”.  For those of my peers who accuse me of ruining the real estate market (some do), reflect on this: I don’t blog on or about Darien.

20 Comments

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20 responses to “Selling your house? Not if you’re in Darien

  1. AJ

    “….the entire U.S. economy and its expansionist Central State now depends on ever-expanding financialization for its survival.

    Financialization is like the bubonic plague–it constantly needs new victims as it kills off its existing hosts. Housing? Dead, killed by financialization, aided, abetted and powered by the Federal Reserve. Now the Fed wants to “save” what it already killed via financialization–housing–by buying $1 trillion in plague-infested mortgages and brute-force efforts to keep interest rates below inflation, i.e. negative rates.” Source: http://poorrichards-blog.blogspot.com/2012/03/financial-bubonic-plague.html

  2. Inagua

    I see Grenwich had only 51 closings in the first two months, versus 57 last year.

  3. Just_looking

    Darien is a MUCH smaller market than Greenwich with less inventory, and less turn. It is not surprising that a week pass without some RE activity. I am sure that anyone applying some typical RE metrics will show that the Darien mkt is fine.

    • Fine, if you’re not trying to sell your house or making a living as a real estate agent. Its been my experience that zero economic activity is a bad sign but then, I’ve never lived in Dsrien.

  4. cos cobber

    Darien has 1/3rd the permanent population, so a simple rule of thumb is that it should have 1/3rd the activity of gwich.

    • Okay, 1/3 of 3 is 1 and I’ll give you that as a rounding error. But zero is a very small number of sales to divide betwen 300 home sellers and 5,000 (or so) agents.

  5. Dan

    In a real estate recession secondary and tertiary markets always get hit harder because lower prices make better markets more accessible. Yes, people do show up in Darien b/c they want to live there, but many more people show up because Greenwich is too expensive and Westport is too far from NYC.

  6. AJ

    Nothing moving? Wonder why? Could it be that no one knows which end is up. Could it be our schizoid economy, or economic double bind? I looked at the webcam for our local ski area this morning — there were three people in the lift line, and it just snowed two inches last night and it’s not too cold. On the other hand, on two for the price of one night the place is packed solid. They haven’t figured it out yet that one thousand people at half price is better than three people at full price. Either way it costs the same money to run the lifts. Welcome to the new economy: the world of biflation. I’ll let Helicopter Ben explain why you shouldn’t believe your lying eyes: http://online.wsj.com/article/SB10001424052748703843004576140762706032294.html

  7. AJ

    Sorry about that link: it’s one of those subscribe to read the whole article links. To read the whole article, Google Biflation, click on the third hit from the top of the page, and you can read the whole article without subscribing.

  8. anon

    Maybe the news of W Bryan Jennings hate crime is turning buyers away?

  9. Anonymous

    Dan, Many people that choose to live in Westport can not get into the clubs in Darien. Have you never heard of the Aryan’s of Darien?

  10. Nanee Mouse

    Just_looking,

    The market is fine? I disagree. The market is dead and is not coming back to life this season! Let’s look at the numbers at the end of the season and then we’ll see who is correct. I hope that you are not dependent on selling real estate to put food on your table (unless, of course, you were planning on going on a major diet).

  11. just_looking

    @Nanee Mouse, I didn’t say the market was fine, just that Darien is much smaller than Greenwich and should not be expected to show the same activity as greenwich (i believe it is 1/5 not 1/3, but I do not have the facts handy). Also, greenwich seems to have a faster turn than other towns in fairfield (# homes sold / # of homes in town).
    And, to answer your inquiry, I do not depend on real estate transaction for income and it seems that too many do, relative to the size of the market, which might have been CF’s point in the first place.

  12. AJ

    Nice to see that much of the Great Island, Long Neck Point Road area, an Estate that was known Calves Pasture, I believe, is still intact. There used to be a huge stable on the property right next to Gorhams Pond. Nothing like that is left in Greenwich, too bad.

  13. Anonymous

    @anon, that would spell bad news for the Round Hill rogues as it seems one of their own had a little misunderstanding with a different taxi driver recently. ;)
    http://www.greenwichtime.com/default/article/Police-blotter-3371308.php
    Half way down the page.

  14. “reflect on this: I don’t blog on or about Darien.”

    Well, it’s nice to know you have some standards.

  15. Nanee Mouse

    Just_looking,

    “I am sure that anyone applying some typical RE metrics will show that the Darien mkt is fine.”
    I was just quoting you and trying to alert you that it is not fine. Dan hit the nail on the head when he said that secondary and tertiary markets get hit harder.
    How anyone that reads a paper or watches the news could think that everything is fine is absolutely flabbergasting. I do not think the world is going to end. I do think that the world that most of us have been used to is just a memory and that we are in for tough times ahead. There is not enough money to keep the masses appeased and when “the folks” finally realize this then you will see what Americans are made of. It may be a real horror show.

  16. Richard Chu

    Chris: your information is obviously incorrect:
    there were 10 accepted offers in Darien this week and 7 the week before for a market that is roughly 1/3 the size of Greenwich; I think an errata is in order.

    http://www.trulia.com/blog/ken_allen/2012/03/the_allen_report_weekly_real_estate_highlights_for_darien_ct_1
    http://www.trulia.com/blog/ken_allen/2012/03/the_allen_report_weekly_real_estate_highlights_for_darien_ct